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Manchester United reports £3.8m loss Manchester United reports £3.8m loss
(35 minutes later)
Manchester United has reported a loss for the first three months of the year as operating expenses soared.Manchester United has reported a loss for the first three months of the year as operating expenses soared.
It lost £3.8m between January and March, down from a £13.7m profit in the same period last year.It lost £3.8m between January and March, down from a £13.7m profit in the same period last year.
The club was hit by higher employee expenses, less revenue from domestic cup competitions, and adverse foreign exchange movements. The Old Trafford club incurred higher player contract expenses, and was also hit by adverse foreign exchange movements.
But total revenues were 3% higher at £127.2m and the club now expects revenues of £570m for the full year.But total revenues were 3% higher at £127.2m and the club now expects revenues of £570m for the full year.
If the club beats Ajax in the Europa League final on 24 May it would secure a coveted place in the Champions League for next season.If the club beats Ajax in the Europa League final on 24 May it would secure a coveted place in the Champions League for next season.
The club has a clause in its kitwear deal with Adidas that allows for a cut of 30% in the annual sponsorship deal if the club fails to reach the Champions League in consecutive seasons. Manchester United has a clause in its kitwear deal with Adidas that allows for a cut of 30% in the annual sponsorship deal if the club fails to reach the Champions League in consecutive seasons.
After failing to qualify for the tournament in 2016-17 season, it means the Europa League final in Stockholm next week now takes on added importance.After failing to qualify for the tournament in 2016-17 season, it means the Europa League final in Stockholm next week now takes on added importance.
'Strong finish''Strong finish'
Executive vice chairman Ed Woodward said: "We are forecasting better full-year financial performance than expected and as such have raised our revenue and profit guidance for the year. Executive vice-chairman Ed Woodward said: "We are forecasting better full-year financial performance than expected and as such have raised our revenue and profit guidance for the year.
"We look forward to a strong finish to 2016-17, both on and off the pitch.""We look forward to a strong finish to 2016-17, both on and off the pitch."
Broadcast revenues were up 12.9% at £31.4m. Commercial revenues were slightly higher, while matchday income edged lower.Broadcast revenues were up 12.9% at £31.4m. Commercial revenues were slightly higher, while matchday income edged lower.
Two global sponsorship deals were signed during the quarter, with ride-hailing service Uber and Singapore firm Aladdin Street.Two global sponsorship deals were signed during the quarter, with ride-hailing service Uber and Singapore firm Aladdin Street.
The Old Trafford club also lifted the EFL Cup during the period.The Old Trafford club also lifted the EFL Cup during the period.
United increased its forecast for earnings to £185m-£195m for 2016-17. United increased its forecast for profits to between £185m and £195m for 2016-17.
Net debt as of 31 March 2017 was £366.3m, an increase of £17.6m over the year. Net debt at the end of March stood at £366.3m, an increase of £17.6m over the year.
The club's forthcoming summer tour features one game in Norway, and five games in the US.The club's forthcoming summer tour features one game in Norway, and five games in the US.